Privacy Laws and Compliance
Compliant Records Management and
Compliance Efficiency
Today's "Band-Aid" Compliance Fixes Won't Hold
Now that large public companies have achieved the initial phase of Sarbanes-Oxley compliance, there may be a tendency within these companies to shift their focus to other strategic priorities. This is a mistake. Public companies should expect a gradual ratcheting up of control standards over the next few years. Manual “band-aid” fixes that were sufficient for initial compliance won't hold for 2006 and beyond.
Companies that continue to rely on traditional, manual processes will see their compliance efforts eating up a greater percentage of their operating budgets. They will fall behind competitors who implement processes and systems to achieve compliance at a lower cost and risk. World-class organizations of all sizes will focus on optimizing their processes and IT systems to reduce the costs and risks of compliance and to gain “compliance efficiency.”
Compliant Records Management and Compliance Efficiency
An effective records management program can help your organization achieve compliance efficiency by providing:
Information accuracy and trustworthiness to support regulatory compliance. A properly executed program gives senior executives confidence in the integrity of the information they are certifying for compliance with Sarbanes-Oxley and other regulations. It also helps demonstrate that your company is not only meeting the letter of the law but the spirit of the law as well, with sound, consistent record keeping practices.
